BDO LLP | INTERNATIONAL TECH HUBS THIRD EDITION
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and computer crime have been introduced to build trust and confidence in the use of digital technology. The coronavirus pandemic has further accelerated the transformation away from cash, and Bitcoin and Blockchain are growing in use too. As a result, tech companies in the payment space are on the increase. START-UP INCENTIVES The country boasts a vibrant start-up ecosystem thanks to strong partnerships with tech entrepreneurs and creative companies. Venture investors, accelerators, incubators, government agencies and private firms all combine to support the growth of disruptive new entrants: in the period 2012-17, funding for start-ups increased from $2.1million to $27million, and the numbers continue to accelerate. This climate of tech nurture has already seeded many notable success stories, among them the online payment gateway Omise; the fashion brand Pomelo, which began as an angel investment; and aCommerce, which since its founding in 2013 has now grown into one of the region’s largest eCommerce end-to-end enablers.
competitiveness of the online environment. In the last five years or so, the Thai Government has invested extensively in developing an easily accessible and future-proof digital infrastructure, with an emphasis on internet speeds and connectivity. THE TECH ECO-SYSTEM The Eastern Economic Corridor (EEC) runs along the Eastern seaboard of the country, and is a crucial region of economic development. A centre for Thailand’s export-focused industries, it is a tech and manufacturing hub that forms a central component of the Thai 4.0 strategy. It is strategically located by the Gulf of Thailand and close to Bangkok and the country’s principal airport. Digital Park Thailand is one of a number of new economic clusters located within the EEC. Designed as a destination for digital global players and business innovators, it offers ultra-high broadband speeds and state-of-the-art infrastructure, a data centre and a package of incentives, some tax-related. The country has particular areas of strength in robotics, AI and the Internet of Things (IoT). Thai producers are investing heavily in smart robotics and AI to keep up with growing export demand and remain globally competitive for food and beverages, automotive and petrochemicals, and manufacturing. Thailand’s IoT industry is centred on the EEC and according to the Ministry of Commerce is already worth an estimated $1bn, with applications for smart homes, smart traffic, telemedicine, manufacturing, agriculture, factory production and more. The National e-Payment Master Plan, introduced in 2017, has accelerated the adoption of e-payments and the move to a cashless society, while laws on data privacy, cyber security
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